Trump says he is going to double tariffs on foreign steel from 25% to 50%
Mr Trump spoke at US Steel's Mon Valley Works–Irvin Plant in West Mifflin, Pennsylvania, to discuss investments by Japan's Nippon Steel.
The price of steel products has increased roughly 16% since Mr Trump became president, according to the government's producer price index.
Mr Trump said US Steel will stay an American company under a deal for Japan-based Nippon to invest in the steelmaker. Few details about the deal have been made public.
'We're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,' Mr Trump said as he opened an event at one of US Steel's warehouses near Pittsburgh.
'You're going to stay an American company, you know that, right?'
Mr Trump said doubling the tariffs on imported steel 'will even further secure the steel industry in the US'. But such a dramatic increase could push prices even higher.
Employees, Trump supporters, local officials and others filled one of the massive warehouses on the grounds of the Irvin finishing plant to hear Mr Trump.
Giant American flags hung from the ceiling and a sign read, 'The Golden Age'.
Steelworkers in orange hard hats and work clothes milled about, and part of the warehouse's cement floor was packed with huge rolled coils of shiny steel sheet produced at the plant and used for appliances, doors and other applications.
Though Mr Trump initially vowed to block the Japanese steelmaker's bid to buy Pittsburgh-based US Steel, he changed course and announced an agreement last week for what he described as 'partial ownership' by Nippon.
It is not clear, though, if the deal his administration helped broker has been finalised or how ownership would be structured.
Mr Trump stressed the deal would maintain American control of the company, which is seen as both a political symbol and an important matter for the country's supply chain, industries like car manufacturing and national security.
Mr Trump, who has been eager to strike deals and announce new investments in the US since retaking the White House, is also trying to satisfy voters, including blue-collar workers, who elected him as he called to protect US manufacturing.
US Steel has not publicly communicated any details of a revamped deal to investors. Nippon Steel issued a statement approving of the proposed 'partnership' but also has not disclosed terms of the arrangement.
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